Pres. Trump proposed a 50-year mortgage. Here's what it means for homeowners
In another attempt to make homebuying more affordable, Pres. Trump floated the idea of a 50-year mortgage. In response, Federal Housing Finance Agency director Bill Pulte, who oversees Fannie Mae and Freddie Mac, posted that they are “working on it,” and that it would be, “a complete game-changer.” Homeowners, however, would not build equity as quickly because their principal payments would be smaller. The amount of interest paid to lenders would be 40% higher. CNBC's Diana Olick breaks it down.
